Claim: An article published on the States Times Review, titled "Lee Hsien Loong becomes 1MDB’s key investigation target", states that Singapore “was forced to reopen its investigations into 1MDB after the change in political leadership in Malaysia”.
Fact #1: Singapore has taken firm and decisive actions against financial institutions and individuals that have broken our laws with regard to 1MDB-related transactions. MAS initiated action to shut down BSI Bank in May 2016 and Falcon Private Bank in October 2016, as well as fined 8 banks nearly S$30 million. 6 individuals were convicted on various offences. In fact, Singapore is the first jurisdiction to have brought criminal charges against individuals for 1MDB-related offences. These actions were taken during the tenure of the previous Malaysian government.
More information here:
Financial Penalties Imposed on Credit Suisse and UOB for 1MDB-Related Transactions
Prohibition Orders Against Individuals Involved in 1MDB-Related breaches
MAS Imposes Penalties on Standard Chartered Bank and Coutts for 1MDB-Related AML Breaches
Investigations into 1MDB-Related Fund Flows through Singapore
MAS Directs BSI Bank to Shut Down in Singapore
MAS Directs Falcon Bank to Cease Operations in Singapore
Fact #2: Singapore authorities issued warrants of arrest in April/May 2016 for Low Taek Jho and Tan Kim Loong, who are suspected to have committed money-laundering and other offences related to 1MDB. At Singapore’s request, INTERPOL published Red Notices in October 2016 for these two individuals.
More information here:
Further Discussions with Malaysian 1MDB Taskforce
Fact #3: Singapore’s law enforcement and regulatory agencies have been actively cooperating with their counterparts in Malaysia, Switzerland, Luxembourg and the US from the onset of Singapore’s investigations in 2015 until today; a period which includes the tenure of the previous Malaysian government. These authorities have acknowledged and thanked Singapore for our cooperation and assistance into their own investigations.
Fact #4: Singapore’s investigations into the 1MDB case were never closed. MAS has stated it would not hesitate to investigate any new leads or evidence relating to 1MDB-related fund flows at its Annual Report Press Conferences in 2016 and 2017, and again reiterated in the joint public statement by Attorney-General’s Office, Commercial Affairs Department and Monetary Authority of Singapore on 8 June 2018.
More information here:
Further Discussions with Malaysian 1MDB Taskforce
This article was updated on 10 Nov 2018.
